At the beginning of the week, Civic Bank & Trust (Civic Bank) added a 21-Month CD Special (2.10% APY). The minimum opening deposit is $1k, with no stated balance cap. According to CSR, the CD Special is available at least through the end of the month, but there is no guarantee it will be available beyond that point.
Civic Bank offers an add-on option for all of its CDs. As stated on the Interest Rates page,
Add to your CD anytime in multiples of $1,000 and keep the same rate and the same term.
According to CSR, the Early Withdrawal Penalty (EWP) for the 21-month CD Special is six months of interest. CSR also stated that the principal “would not be invaded” in the event a withdrawal is done before the initial six months have passed.
Civic Elite Checking
The Civic Elite Checking used to be a good deal for reward checking accounts. In 2011, the account earned 3.30% APY on qualifying balances up to $30k. Now the account earns 1.35% APY on qualifying balances up to $30k, with qualifying balances of $30k+ earning 0.30% APY.
- At least one direct deposit or ACH auto debit per statement cycle.
- At least ten debit card transactions per statement cycle.
- Be enrolled in e-Statements.
- Log into online banking at least once per statement cycle.
There is a $20 service charge if the account balance falls below $1k, but “the charge is rebated if the average balance for the cycle is $10,000 or greater.” The Civic Elite Checking also offers two free stop payments annually, six free domestic wire transfers annually, and a $25 discount on the first year’s rent for a safe deposit box.
Headquartered in Nashville, Tennessee, Civic Bank & Trust offers its product line and services to the residents of Middle Tennessee.
Opening a CD Special can be done at either of the two Tennessee branches located in Brentwood and Nashville. CSR stated that once a relationship has been established with the Bank, accounts can be opened over the phone.
Civic Bank’s online banking platform is currently limited to account management and bill payment services.
Civic Bank & Trust has an overall health rating of "A+" at DepositAccounts.com, with a Texas Ratio of 0.00% (excellent, and not a typo), based on June 30, 2017 data. In the past year, the Bank has increased its total non-brokered deposits by $4.25 million, an excellent annual growth rate of 3.72%. Please refer to our financial overview of Civic Bank & Trust (FDIC Certificate # 58040) for more details.
Established in 2005, Civic Bank & Trust is a community bank founded by a group of Middle Tennessee business owners and bankers. The Bank opened its doors during a spate of local community bank openings, following a series of bank mergers that resulted in a lack of smaller banks in the marketplace. Ironically in late 2015, Franklin Synergy Bank announced the signing of a definitive agreement to acquire Civic Bank. Following several delays due to additional regulatory scrutiny of Franklin Synergy Bank, a closing date of September 30, 2016 was set, but there are no announcements on either bank’s website.
How the CD Special Compares
When compared to the 235 similar length-of-term CDs tracked by DepositAccounts.com, requiring a similar minimum deposit and available within the Bank’s market area, Civic Bank & Trust’s 21-month CD Special APY currently ranks first.
|Interest Rate||CD Length of Term||Credit Union/Bank|
|2.10% APY||21-Month CD Special||Civic Bank & Trust|
|2.00% APY||25-Month CD||USALLIANCE Financial|
|1.91% APY||25-Month Special CD||Veridian Credit Union|
The above rates are accurate as of 9/13/2017.